Draw how long run equilibrium for a typical micro brewery

Reference no: EM13727909

The beer industry used to consist of a 3 firm oligopoly where each firm made about the same kin of beer, and each firm made some economic profit. there were no barriers to entry, and the micro breweriers entered offering a greater variety of beers.
A)what kind of market is this, and draw how long run equilibrium for a typical micro brewery.
B) contrast this with perfectly competitive long run equilibrium(some of this comparison can be a list, but specifically why explain excess capacity exists n one kind, and how the consumer fairs in both(positive and negative))

Reference no: EM13727909

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